Investments pay big dividends

Darcie LorenoPublished: July 21, 2006 12:00AM

By DARCIE LORENO
T-G Staff Writer
Thanks to continuing increases in interest rates, as of June 30 the countys earned interest was up 73 percent from that time last year.
But while maturation of several of the countys certificates of deposit this year should result in higher rates when reinvested, County Treasurer Cindy Funk doesnt expect rates in general to continue to increase as they have the past couple years.
I think interest rates are going to level off, she reported to commissioners Thursday.
As of June 30, the county had received about $383,264 on roughly $12 million in investments. Last year, that number was about $220,000. While total interest for 2006 originally was estimated at $375,000, Funk said the county is now estimating $550,000.
For 2005, interest income was up about 80 percent over 2004 at a total of about $556,000 vs. the $275,000 estimate. Interest in 2004 was down about 11.75 percent with a total of $308,699.
According to Funk, interest rates for the countys sweep accounts with a portion of their funds swept each night into interest-bearing accounts have helped, especially because of the cash flow. Several of the countys CDs are set to expire this year and will be reinvested. Rates on those, she said, will probably increase from around 2.4 percent for some to at least 5 percent.
In other business, commissioners agreed to more work on the park project at Claremont Avenue and West Main Street. Wolff Brothers agreed to sell lighting for the park at cost. After a $250 donation from the company, the total cost for the county would be $841.
BCU Electric also will donate time and materials to install all the lights.
Commissioners also discussed a project at Gov. Bob Tafts mansion being spearheaded by his wife, Hope Taft. Shes planning a walkway using rocks with some type of historical significance from each county.
Commissioners will continue to discuss what to use from Ashland County.
In other business, commissioners:
n Approved a transfer of $17,944 to the building and grounds fund for consulting services for possible pending litigation regarding the County Jail roof.
n Accepted second quarter donations to the Ashland County Dog Shelter.
n Darcie Loreno can be reached at 419-281-0581 ext. 237 or at dloreno@times-gazette.com.